Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,014 shares of the semiconductor company’s stock after selling 135 shares during the quarter. Independence Bank of Kentucky’s holdings in Microchip Technology were worth $184,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Rise Advisors LLC purchased a new position in Microchip Technology during the first quarter worth approximately $28,000. Pineridge Advisors LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth $33,000. Steph & Co. boosted its position in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology in the first quarter valued at about $39,000. Finally, Bfsg LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $45,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Up 2.5 %

Shares of NASDAQ MCHP opened at $81.79 on Monday. The firm has a market cap of $43.88 billion, a price-to-earnings ratio of 23.57 and a beta of 1.54. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The business’s 50 day moving average is $86.73 and its two-hundred day moving average is $88.55.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the company earned $1.56 earnings per share. The company’s revenue was down 45.8% on a year-over-year basis. Research analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.22%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Citigroup decreased their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. JPMorgan Chase & Co. reduced their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. UBS Group lifted their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, TD Cowen reduced their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

Insider Transactions at Microchip Technology

In other news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.